NFRA circular warns against selective application of audit standards
principal auditors of listed companies in finalising financial statements under existing norms.
The circular asks auditors to follow both the Standard on Auditing (SA) 600 and the Companies Act 2013 in letter and spirit, on top of other relevant norms, and act accordingly.
It makes clear that any narrow interpretation by auditors of a provision to bypass their fiduciary duty to provide shareholders with a fair financial picture of the company would be unacceptable.
The circular applies to auditors of all listed and large unlisted public limited companies that come under the NFRA ambit.
The move follows the audit regulator’s probe into various big corporate scandals—from IL&FS, DHFL and Reliance Capital to Coffee Day Enterprises—where principal auditors and component auditors often sought to blame one another for the frauds, the circular indicates.
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